Stantec Inc. had a sharp rise to $38.15 in 2014 from $13.15 in 2012 (A-B). It then settled in a horizontal trading range mostly between $29 and $38 (dashed lines).
A rise above $34-$35 (above the falling trend-line – dotted line) would signal a move toward the top of the trading range (near $38) and possibly toward significantly higher targets. Only a decline below $30-$31 would be negative.
A move above $34-$35 would signal an initial Point & Figure target of $38. A rise above $38-$39 would signal significantly higher targets.
Monica Rizk is the senior technical analyst and Ron Meisels is the president of Phases & Cycles Inc. and he tweets at @Ronsbriefs. They may hold shares in companies profiled.
Chart source: www.decisionplus.com.